CARSLBAD, CA-Capstone Advisors, a real estate investment, development and advisory firm headquartered in Carlsbad, CA, has completed three retail center acquisitions in three states. The centers, located in California, Arizona and Virginia, were acquired in separate transactions totaling $16 million.
The company has now acquired seven shopping centers over the last 28 months, and according to Alex Zikakis, president and CEO, the firm is “aggressively growing our portfolio with quality 'value add' and 'core plus' retail, office and industrial assets with a keen focus on Southern California, Phoenix, as well as other US markets that meet our acquisition criteria.”
According to Zikakis, "These three acquisitions were completed in the last 30 days. We are very well capitalized and able to move quickly on new opportunities. We have a strong appetite for transactions in the $5-million to $30-million price range."
The retail assets acquired by Capstone Advisors include Hurley Plaza, a 22,000-square-foot retail center located at the intersection of West McDowell Road and North 7th Avenue near downtown Phoenix. The center is a core-plus asset that is fully leased to a stable mix of tenants including Habit Burger Grill, Potbelly Sandwich Shop, Ziegler's New York Pizza Dept. and T-Mobile, as well as other complementary local businesses.
The complex was completely renovated in 2011/2012 and is located in the historic Encanto and Willo neighborhoods near the hip "Art's District' of Phoenix's dense city core. Capstone Advisors plans to hold the infill property for long-term investment.
The firm also acquired 73-930 El Paseo, a street front retail property located on the upscale El Paseo, Palm Desert's equivalent to Rodeo Drive. The 4,840-square-foot building has been occupied by Draper & Damon's since 1993. Capstone Advisors plans to completely renovate the property, including a new façade and store front, as well as roof and mechanical systems upgrades. The refurbished property will then be released.
In the third acquisition, Capstone Advisors purchased the Shops at Wellesley in Richmond, Virginia. This core-plus, multi-tenant center is located in the thriving Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Built in 1991, the 42,250-square-foot center has enjoyed consistently high occupancy. Current tenants in the center include Minnieland, a day care center with more than 100 East Coast locations, as well as Wellesley Animal Hospital, Vinnie's Italian Grill and other neighborhood-serving businesses. Capstone Advisors intends to hold the center for long-term investment.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
